Worldwide ERC® has sent letters to congressional leaders requesting the inclusion in the latest economic stimulus package of four provisions to help Worldwide ERC® members address the impact of the coronavirus (COVID-19).
Earlier today, Worldwide ERC® sent letters to U.S. congressional leaders requesting financial assistance for our members to help mitigate losses due to global travel restrictions that are necessary to contain the coronavirus. The U.S. Congress is currently developing a third legislative package to stimulate the U.S. economy and provide financial relief to employees and employers.
In the letter, Worldwide ERC® makes four specific requests of lawmakers as our members face an enormous reduction in the number of relocations.
A payroll tax holiday for both employees and employers for a minimum of three months starting in April. This would help all Worldwide ERC® members by allowing employees and employers to keep 6.2% of their earnings and outlays, respectively.
The Department of Defense (DoD) has suspended through 11 May the shipment of the household goods for U.S. service members. Worldwide ERC® supports the efforts of the American Moving and Storage Association (AMSA) and International Association of Movers (IAM) for the DoD to allocate moving companies 60% of the payments compared to what they received as an industry this time last year.
An expansion of access to loans and loan guarantees and other assistance to help sustain the large number of our members that are small and medium size businesses.
Restoration of the moving expense deduction and exclusion, which was eliminated through the end of 2025. This request would provide those employees and employers involved with relocations in 2019 to receive an immediate benefit with the filing of 2019 tax returns.
Congressional leaders are hoping to conclude negotiations and vote on the package within the next several days. This is not likely to be the last effort by the Administration and the Congress to provide economic relief and Worldwide ERC® will continue to push for our provisions.